By Cristal Cody
Tupelo, Miss., March 11 - Sheridan Square CLO Ltd./ Sheridan Square CLO LLC raised $727,334,000 of senior secured notes due April 15, 2025 in a collateralized loan obligation offering that closes on Tuesday, according to a market source.
The managed cash flow CLO included $2.8 million of class X notes (Aaa/AAA/) at Libor plus 100 basis points; $265 million of class A-1 notes (Aaa/AAA/) at Libor plus 105 bps; $185.8 million of class A-2 notes (Aaa/AAA/) at Libor plus 117 bps; $39.9 million of class B-1 notes (/AA/) at Libor plus 190 bps; $39.9 million of class B-2 3.608% notes (/AA/); $50.05 million of class C notes (/A/) at Libor plus 285 bps; $35.35 million of class D notes (/BBB/) at Libor plus 360 bps; $30.8 million of class E notes (/BB/) at Libor plus 510 bps; $11.9 million of class F notes (/B/) a Libor plus 550 bps; and a non-rated $65,834,000 tranche of subordinated notes.
Wells Fargo Securities LLC arranged the deal.
The CLO manager is GSO/Blackstone Debt Funds Management LLC.
The collateral pool consists of senior secured loans to broadly syndicated corporate borrowers.
The notes may be redeemed after a two-year non-call period.
| Issuer: | Sheridan Square CLO Ltd./Sheridan Square CLO LLC
|
| Amount: | $727.33 million
|
| Maturity: | April 15, 2025
|
| Securities: | Senior secured notes
|
| Structure: | Cash-flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | GSO/Blackstone Debt Funds Management LLC
|
| Call feature: | Two years
|
| Settlement date: | March 12
|
|
|
| Amount: | $2.8 million
|
| Securities: | Class X floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Amount: | $265 million
|
| Securities: | Class A-1 floating-rate notes
|
| Coupon: | Libor plus 105 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Amount: | $185.8 million
|
| Securities: | Class A-2 floating-rate notes
|
| Coupon: | Libor plus 117 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Amount: | $39.9 million
|
| Securities: | Class B-1 floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | Standard & Poor's: AA
|
|
|
| Amount: | $39.9 million
|
| Securities: | Class B-2 fixed-rate notes
|
| Coupon: | 3.608%
|
| Rating: | Standard & Poor's: AA
|
|
|
| Amount: | $50.05 million
|
| Securities: | Class C floating-rate notes
|
| Coupon: | Libor plus 285 bps
|
| Rating: | Standard & Poor's: A
|
|
|
| Amount: | $35.35 million
|
| Securities: | Class D floating-rate notes
|
| Coupon: | Libor plus 360 bps
|
| Rating: | Standard & Poor's: BBB
|
|
|
| Amount: | $30.8 million
|
| Securities: | Class E floating-rate notes
|
| Coupon: | Libor plus 510 bps
|
| Rating: | Standard & Poor's: BB
|
|
|
| Amount: | $11.9 million
|
| Securities: | Class F floating-rate notes
|
| Coupon: | Libor plus 550 bps
|
| Rating: | Standard & Poor's: B
|
|
|
| Amount: | $65,834,000
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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